Time Warner chairman-CEO Jeff Bewkes received a windfall of stock awards in 2017, pushing his total compensation for the year to $49 million.Bewkes' 2017 haul marks a 50% increase from the $32.6 million he took home in 2016. The bulk of that increase came from $32 million in stock awards. Those awards were higher last year for Bewkes and other top executives as a means of providing retention bonuses. Bewkes and others will not receive any such stock awards for...
After rejection of a rumored premium-priced $85-per-share offer from Rupert Murdoch in 2014 raised eyebrows, the prospect of Jeff Bewkes selling Time Warner seemed impossible. But he ended up facilitating an AT&T acquisition last October at a price of $107.50.
The transaction enables plugging Time Warner content into AT&T’s direct-to-consumer connections for on-demand video consumption that is sweeping media, as the big bundle of cable TV channels erodes. The merger bets that AT&T distribution pipes will extract increased value. Bewkes plans to stick around post-merger for a transition period, and Time Warner shareholders hang around too because half the purchase price is in AT&T stock.
Earlier, Bewkes steered his $28 billion-revenue media/entertainment conglomerate to financial health after stumbles by his predecessors–all the while maintaining hefty investments in content. He shed its magazine publishing business in 2014, and the troublesome AOL online unit and cable TV systems arm in 2009.
Bewkes rose through the ranks of the company’s Home Box Office unit, moving over to the corporate side in 2002. He earned an undergraduate degree from Yale University and an MBA from the Stanford University.